Despacito, “this is how we do it in Puerto Rico.” However, this was not the case when it came to Maria, it was a typical hit and run, but when applied to rebuilding it will definitely be despacito. To add insult to injury, the Rich Port has suffered two catastrophes, one man made the other a natural one. The man made job was of their own doing; spending money they didn’t have, living the dolce vita on other people’s money. The island of 3.5 million is dead broke, but the insult is Maria who with a splash literally through water on their parade. According to reports, Puerto Rico is without power – the grid is down – property owners are waking up to the fact that many have nothing left. In these types of situations, for instance Haiti, rebuilding doesn’t come swiftly, but over time. It will be every man for himself type of situation because life or death waits in the wings. Expect a mass migration of Puerto Ricans to the Big Apple, Miami and its suburbs.
In just 24 hours, Maria dumped almost 40 inches of rain on parts of Puerto Rico, where millions of residents won’t have power for months. Most of the island saw more than a foot of precipitation as Maria turned streets into raging rivers. Puerto Ricans might not get power back for four to six months, said Ricardo Ramos, the CEO of Puerto Rico Electric Power Authority. Puerto Rico has been through a long recession and is deeply in debt. Before the storm hit, the state-owned power grid was “a little bit old, mishandled and weak,” the governor said. “The system has been basically destroyed,” Ramos told CNN. He said hospitals and water systems will get priority power restoration
Do not be dismayed those who take flight, yes the airport is opening up for the flight to the mainland, will no doubt go on the dole. After all 50% are on the dole already. The average per capita income in Puerto Rico is $20,000. And don’t forget that only 1% had flood insurance and wind insurance covered only 40% of the casa grandes. You see, most Puerto Rican’s did not have insurance on their flimsy houses, nor did they have mortgages which would have necessitated it. Mold now is a prime concern as air conditioning which relies on electricity is a hope and prayer. Perhaps Elon Musk will provide solar to those who’s houses are still standing! But Puerto Rico will eventually recover because You will rebuild their haciendas for free. The smell of stench emanating from the island will be with us for a long time.
We must add, to the good people of Puerto Rico who work, pay taxes, support their families, didn’t scam the government, our hearts go out to them. For no fault of their own their life is now in shambles.
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Before Maria paid them a visit the island was sinking under humongous amounts of debt. Bankruptcy was the only way out, but in so doing the liberal judge screwed the (please click here to get a clear picture of the dire conditions that existed before the cane hit)primary bondholders of the power company. This was an advertisement that Puerto Rico was no longer open for business. The best boat to take now is let the island sink or swim. The vulture capitalists will then come to the rescue, but with life vests attached; that is guarantees that they will not suffer the ignominious defeat the power company bondholders suffered. Advice to President Trump, stay away from the Rich Port. No matter what you give, they will want more and more and more; that is because that is how they do it in Puerto Rico.
The island of Puerto Rico, a Caribbean Island, a seductive island, a welfare island. Puerto Rico is all of these. They are bankrupt, seeking relief from 123 billion dollars in debt; 3 million of their citizens have lived the good life on our dime. Their creditors have been fleeced. For the past thirty years the island’s people have sucked the economy dry by borrowing to the hilt. Now they don’t want to pay. Like Greeks who think it is right to scam their creditors THEY HAVE NO SHAME. One may ask where did the money go? Down the drain. The government payed people not to work, in fact 41% of the workers were government employees.
The Greek debacle has been the focus of late on its on again-off again debt restructuring, but that doesn’t mean that the troubles in Puerto Rico are playing second fiddle. Puerto Rico is on the hook for close to $100 billion. That is a boat load of pina coladas. Just in case you haven’t been initiated in the Puerto Rico way of doing business we bring you their number one life saver, welfare and social security. Puerto Rico is a disability fraud paradise. The top 10 U.S. zip codes tied to people receiving disability benefits, nine are in Puerto Rico.
The sharks are circling the waters in the hope of default if and when it happens. The rich island has a dark journey ahead, tourism is in the tank, the economy is in a perpetual depression, drugs are rampant and most of all the government will not do what needs to be done; cut bait.
But Puerto Rico is part of the United States and is a metaphor for liberal bastions like Illinois and Connecticut, both drowning the sea of debt. Utmost on the minds of the Puerto Rican is not the rising sea levels, but their share of the islands IOU’s. By the way, in case you didn’t notice, Puerto Rico has a population similar to Connecticut, 3,5 million or simply put a debt of $22,000 for each of its citizens. And true to form the Commonwealth’s economy has slowly reached the point of no return being sucked down by a giant whirlpool, even Captain Nemo can’t save this one.